France-based luxury retail conglomerate LVMH Moët Hennessy Louis Vuitton (LVMH) has recorded revenues of €44.2bn ($51bn) in the first nine months of this year, a 46% increase from the same period of last year.
From January to last month, the group’s organic revenue growth grew by 40% across its brands compared to a year earlier.
The strong growth was driven by the Fashion and Leather Goods business group, which reported organic revenue growth of 57% in the nine-month period compared to the same period of last year and 38% against the corresponding period of 2019.
LVMH’s Perfumes and Cosmetics business group reported organic revenue growth of 30% compared to a year earlier, while its Watches and Jewellery unit saw a 49% increase in organic revenue.
The Wines and Spirits business group saw its organic revenue increase by 30%, while the Selective Retailing unit witnessed a 13% organic revenue increase.
In a statement, LVMH said: “Within the context of a gradual exit from the health crisis, the group is confident in the continuation of the current growth.
“It will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its products, the excellence of their distribution and the reactivity of its organisation.
“LVMH is counting on the dynamic nature of its brands and the talent of its teams to further strengthen its global leadership position in luxury goods once again in 2021.”
Earlier this year, Retail Insight Network reported that sales at LVMH had recovered more quickly than expected, with shares up by 2.7% in early session trading on 14 April.
In January, LVMH completed its acquisition of global luxury jeweller Tiffany & Co for $15.8bn.
The company said that Tiffany had witnessed a solid performance in the first nine months of this year, particularly in the US, which is its primary market.